North America LNG Bunkering Market Size (2024 - 2029)

The North America LNG bunkering market is poised for significant expansion, driven by the increasing global demand for LNG and the shift towards cleaner energy solutions that reduce greenhouse gas emissions. The implementation of stricter International Maritime Organization regulations on sulfur oxide emissions is expected to further enhance the market's growth prospects. Despite challenges such as inadequate LNG bunkering infrastructure and the sluggish pace of marine industry growth, the market is set to benefit from opportunities arising from the rise in international marine trade and the development of new sea trade routes. The United States and Canada are anticipated to be key suppliers due to their substantial gas reserves and technological capabilities, positioning the region for substantial market growth.

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Market Size of North America LNG Bunkering Industry

North America LNG Bunkering Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 27.74 %

Major Players

North America LNG Bunkering Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America LNG Bunkering Market Analysis

The North America LNG bunkering market is expected to grow at a CAGR of approximately 27.74% during the forecast period. Factors such as growth in global LNG usage, clean energy demand, and its ability to reduce greenhouse gas emissions are expected to drive the market during the forecast period. Moreover, the adoption of stricter norms by the International Maritime Organization (IMO) restricted the sulfur oxide (SOx) emissions, which came into force from January 1, 2020, is further expected to bolster the LNG bunkering market in North America. However, the lack of LNG bunkering infrastructure and slow growth of the marine industry is likely to hinder the growth of the market being studied.

  • The ferries and OSVs segment is expected to have the largest share in the market during the forecast period, owing to an increasing number of LNG fueled ferries and OSV on order and growth in the use of OSV for construction in offshore locations, in turn augmenting the market growth.
  • The rise in international marine trade, leading to the development of sea trade routes is expected to offer ample opportunities for the LNG bunkering market. With the vast gas reserves and availability of technology, the United States and Canada are expected to be the major suppliers of LNG for ships in North Atlantic Ocean, which connects North America with Europe. This in turn, is expected to create opportunities the LNG bunkering market in North America.
  • United States is likely to be the largest market in North America during the forecast period, with factors such as increase in the LNG demand to reduce carbon footprint in the shipping industry and government taking initiatives for LNG adaptation bolstering the market.

North America LNG Bunkering Industry Segmentation

The North America LNG bunkering market report include:

End-User
Tanker Fleet
Container Fleet
Bulk and General Cargo Fleet
Ferries and OSV
Others
Geography
United States
Canada
Rest of North America
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North America LNG Bunkering Market Size Summary

The North America LNG bunkering market is poised for significant growth, driven by the increasing global demand for LNG and the push for cleaner energy solutions to reduce greenhouse gas emissions. The implementation of stricter International Maritime Organization (IMO) regulations aimed at reducing sulfur oxide emissions is expected to further stimulate market expansion. However, challenges such as insufficient LNG bunkering infrastructure and the sluggish pace of growth in the marine industry may impede progress. The ferries and offshore support vessels (OSVs) segment is anticipated to dominate the market, fueled by a rising number of LNG-powered vessels and the expansion of sea trade routes. The United States and Canada are positioned to be key suppliers of LNG for maritime use, leveraging their vast gas reserves and technological advancements.

The United States is expected to lead the North American LNG bunkering market, supported by increasing LNG demand to minimize the shipping industry's carbon footprint and government initiatives promoting LNG adoption. The country's LNG bunkering infrastructure is bolstered by stringent emission control standards and access to liquefaction facilities. The market is further enhanced by the retrofitting of ferries with dual-fuel engines and the construction of new LNG-powered ferries, as seen in initiatives like BC Ferries' plans. The US market benefits from low LNG production costs, which could drive demand for domestic natural gas production and LNG bunkering facilities. The market is moderately fragmented, with key players including Royal Dutch Shell, Gasum AS, Harvey Gulf International Marine, Total SA, and Nauticor GmbH & Co. KG, all contributing to the competitive landscape.

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North America LNG Bunkering Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-User

      1. 2.1.1 Tanker Fleet

      2. 2.1.2 Container Fleet

      3. 2.1.3 Bulk and General Cargo Fleet

      4. 2.1.4 Ferries and OSV

      5. 2.1.5 Others

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Rest of North America

North America LNG Bunkering Market Size FAQs

The North America LNG Bunkering Market is projected to register a CAGR of 27.74% during the forecast period (2024-2029)

Royal Dutch Shell PLC, Gasum AS, Harvey Gulf International Marine LLC, Total SA and Nauticor GmbH & Co. KG are the major companies operating in the North America LNG Bunkering Market.

North America LNG Bunkering Report Snapshots

North America LNG Bunkering Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)